Tuesday, April 15, 2014

Tax Day High Noon. The 1% need to pay their fair share of Social Security Taxes.

On April 17, most of America’s wealthiest citizens will no longer be paying Social Security taxes for 2014.

That’s right—The average member of the 1% of wage earners won’t pay into our Social Security system for the last seven months out of the year. Even while Paul Ryan’s new budget proposes new tax cuts for these millionaires and billionaires, they don’t even pay Social Security taxes for the whole year.Tell Congress: Now is the time to make millionaires and billionaires pay the same rate as the rest of us into Social Security.Our Social Security system is primarily funded by payroll contributions (or FICA). But what most Americans never realize is that payroll contributions are only paid on the first $117,000. Once the FICA cap of $117,000 is reached, millionaires and billionaires stop paying into the system, while the vast majority of Americans continue to pay in on all of their salary.